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Street falls as Trump pressures trade partners
Stocks fell on Wall Street as the Trump administration stepped up pressure on trading partners to make deals before punishing tariffs imposed by the U.S. take effect.
The S&P 500 lost 0.8% Monday. The Dow Jones Industrial Average gave back 0.9%, and the Nasdaq composite fell 0.9%. Tesla tumbled as the feud between CEO Elon Musk and President Donald Trump reignited over the weekend.
Ship attacked in Red Sea after bulk carrier sinking
A new attack has targeted a ship traveling through the Red Sea after another claimed by Yemen's Houthi rebels reportedly sunk a vessel.
The private security firm Ambrey said two security guards aboard the Liberian-flagged bulk carrier had been hurt in the latest attack, with two others missing after it. Ambrey said the vessel had been disabled in the attack, which involved men in small boats and drones.
OPEC+ to boost oil production in August
Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices.
The group that includes Saudi Arabia and Russia made the decision at a virtual meeting Saturday. They cited a "steady global economic outlook" and low oil inventories.
BRICS group condemns increase of tariffs
The BRICS bloc has criticized rising tariffs and attacks on Iran in its latest summit declaration.
Meeting in Rio de Janeiro on Sunday, the group also condemned NATO's increased military spending and expressed concerns about global trade disruptions caused by tariffs. Leaders emphasized the need for global cooperation amid economic and political instability.
Potential deal could keep TikTok running in US
Less than a month after extending a deadline to ban TikTok for the third time, President Donald Trump told reporters late Friday night that, "We pretty much have a deal," on TikTok.
The details and timing of a potential deal are not clear. TikTok did not immediately respond to messages for comment on Monday. For now, TikTok continues to function for its 170 million users in the U.S.
Reignited Trump-Musk feud burns investors
Shares of electric vehicle maker Tesla tumbled 7% as the feud between CEO Elon Musk and Trump reignited over the weekend. Musk, once a top donor and ally of Trump, announced that he was forming a third political party in protest over the Republican spending bill that passed late last week.
In a social media post on Sunday, Trump said that the billionaire owner of SpaceX, Tesla and X had gone "off the rails" in recent weeks. Since hitting an all-time high of $479.76 on Dec. 17, Tesla shares have lost about 40% of their value.
New natural gas deposit found south of Cyprus
Cyprus says a consortium made up of ExxonMobil and partner Qatar Energy International have made a second natural gas discovery beneath the seabed south of the east Mediterranean island nation where it's licensed to explore for hydrocarbons.
The discovery bolsters the region's potential as an energy exporter.
Trump weighs new coal sales from public lands
Federal officials are considering reopening vast areas of public lands in Wyoming and Montana to new coal sales.
The announcement Monday is part of President Donald Trump's push to expand U.S. fossil fuel production.
The Associated Press